Bearish reversal seen for GBP/USD pair

IN MARCH 2020, the GBP/USD staged a sharp descend of over 1,642 pips in a short span of less than 10 days. After the pair bottomed out at 1.14834 on March 19, 2020, a bullish reversal took place and since then, it has been on an uptrend.

Looking at the daily chart, the formation of an ascending wedge may be observed spanning across late February last year till present. A rising wedge can be identified by connecting the higher highs to form the upper resistance line, and linking the higher lows to form the lower support line.

It is typically identified as a bearish pattern and several indications are signalling that an imminent downturn will occur in the absence of strong buyers' presence.